Analysts Warn Current Time is Ideal for Accumulating Altcoins as This Could Be the Final Dip
Altcoins have been causing confusion among investors and analysts lately, with no clear direction in sight. However, let’s take a closer look at what some analysts have to say about the situation.
Moustache, an analyst, is optimistic about X and sees potential for altcoins in 2024. He notes that the current chart patterns are similar to those observed in 2020 or even 2017. Additionally, the transition of the 2-week Gaussian Channel from red to green further supports his bullish outlook. Moustache cautions against being influenced by short-term market fluctuations, viewing them as a mere retest in his opinion.
Wolf of Defi took to X and expressed frustration with people complaining about RUNE’s price when all altcoins are struggling. He reminds everyone that RUNE went from $0.8 to $11 in seven months. Despite low interest in altcoins now, RUNE’s fundamentals are at their best. He believes altcoins will shine again soon, and RUNE will be a top performer. “See you at new all-time highs,” he concluded. This says a lot about how the analyst feels about the altcoin rally.
Michael Van De Poppe wrote on X, “If you’re considering selling your #Altcoins here, then it doesn’t make that much sense. You’ve been riding the wave down. You wish you were able to buy here just three months ago. You’ll be happy in the 3-6 months that you were holding during these times.”
Virtual Bacon suggested that altcoins might be nearing their bottom, advising against selling at this point. For those looking to enter the market, he suggested now would be the opportune moment to start taking action.
On the other hand, Poseidon pointed out that Bitcoin dominance has been respecting the weekly ema21 without breaking this trend so far. If weekly closes start dipping below this trend and the critical support/resistance level of 53.5%, it could pave the way for altcoins to flourish, potentially entering a phase of major gains.
In summary, while the future of altcoins remains uncertain, these analysts provide valuable insights into the current state of the market and potential opportunities for investors.